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VCE Accounting Question Thread!
_avO:
Balance Day Adjustments (Ch10/16) can get difficult, and you will see a lot more of the general journal in unit 4
eeps:
Ditto to what _avO said. "Prepaid" and "Accrued" Expenses, I found, was difficult to get my head around. Also "Cash v. Profit" which is in the last chapter of Unit 3 Accounting, was quite challenging. It also re-occurs in Unit 4. It becomes more complex in Unit 4, but in Unit 3 it's quite light. It's really just theory questions. You have to know the difference between the two (i.e. Revenue has no effect on cash, but it increases the profitability of a business). Stuff like that. Do enough practice and it will become second nature to you.
nacho:
Oh, ill start BDA in like 30 mins, just about done with chapter 9!
I thought BDA was fun, we touched on it last year, more calculations, but not really tough or anything, so i'm happy, just need to nail the theory and get used to correcting entries and narrations
Furbob:
im on exercise 7.10 and I found this a little vague in Correcting Entries
Stock that Betty had used for advertising (worth $500) had been incorrectly recorded as Drawings
I originally thought "Stock Control" + "Drawings" but it was really "Advertising" + "Drawings" :(
lilaznkev1n:
--- Quote from: Furbob on January 12, 2011, 04:18:01 pm ---im on exercise 7.10 and I found this a little vague in Correcting Entries
Stock that Betty had used for advertising (worth $500) had been incorrectly recorded as Drawings
I originally thought "Stock Control" + "Drawings" but it was really "Advertising" + "Drawings" :(
--- End quote ---
If I remembered correctly, looking at this there should be 4 entries. Two for Reversing the mistake of incorrectly recording it as drawings and two more entries for correcting the entry as advertising. I haven't done any accounting for like 2 months so this might be wrong:
Stock Control 500
Drawings 500 (this is correcting the mistake)
Advertising 500
Stock Control 500 (correcting entry as advertising expense)
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